According to the filing, that is exactly what happened – except United Towing didn’t follow through either. PC3 defaulted on its reinsurance obligations, leaving New York Marine with more than $5 million in obligations that went unreimbursed. New York Marine served written notice of the claim on United Towing on January 30, 2026, demanding payment of $5,047,881.62 under the guaranty. The towing company, the filing states, has also failed to pay.
Specialty insurer chases over $5 million from towing company after reinsurance default
By Awais
